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COMPANY REGISTRATION NUMBER: 05459361
Paul Jarman Veterinary Practice Limited
Unaudited financial statements
30 June 2023
Paul Jarman Veterinary Practice Limited
Statement of financial position
30 June 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
6
118,668
145,305
Current assets
Stocks
122,234
127,519
Debtors
7
194,252
161,352
Cash at bank and in hand
727,641
467,830
-----------
---------
1,044,127
756,701
Creditors: Amounts falling due within one year
8
( 265,750)
( 206,936)
-----------
---------
Net current assets
778,377
549,765
---------
---------
Total assets less current liabilities
897,045
695,070
Creditors: Amounts falling due after more than one year
9
( 6,249)
( 13,298)
Provisions
Taxation including deferred tax
( 13,864)
( 12,819)
---------
---------
Net assets
876,932
668,953
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
876,832
668,853
---------
---------
Shareholders funds
876,932
668,953
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Paul Jarman Veterinary Practice Limited
Statement of financial position (continued)
30 June 2023
These financial statements were approved by the board of directors and authorised for issue on 13 March 2024 , and are signed on behalf of the board by:
P D Jarman
Director
Company registration number: 05459361
Paul Jarman Veterinary Practice Limited
Notes to the financial statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Gables, Old Market Street, Thetford, Norfolk, IP24 2EN, England. The company's trading address during the year was The Veterinary Surgery, Short Beck, Feltwell, Thetford, Norfolk IP26 4AD.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities . The financial statements are prepared in sterling, which is the functional currency of the entity.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less and accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less and subsequent accumulated amortisation and subsequent accumulated impairment losses.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Deferred tax
Provision is made, under the liability method, to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold property
-
10% straight line
Motor vehicles
-
25% reducing balance
Equipment
-
15% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items.
Finance leases and hire purchase contracts
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account at a constant rate of charge on the balance of capital repayments outstanding.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Defined contribution plans
The company operates a defined benefit pension scheme for the director. The assets of the scheme are held separately from those of the company. Contributions to defined contribution plans are recognised in the period in which the related service is provided.
4. Employee numbers
The average number of employees during the year was 13 (2022: 12 ).
5. Intangible assets
Goodwill
£
Cost
At 1 July 2022 and 30 June 2023
12,500
-------
Amortisation
At 1 July 2022 and 30 June 2023
12,500
-------
Carrying amount
At 30 June 2023
-------
At 30 June 2022
-------
6. Tangible assets
Land and buildings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 July 2022
192,120
5,000
132,881
330,001
Additions
2,675
2,675
Disposals
( 5,000)
( 5,000)
---------
------
---------
---------
At 30 June 2023
192,120
135,556
327,676
---------
------
---------
---------
Depreciation
At 1 July 2022
113,015
3,814
67,867
184,696
Charge for the year
18,125
986
10,001
29,112
Disposals
( 4,800)
( 4,800)
---------
------
---------
---------
At 30 June 2023
131,140
77,868
209,008
---------
------
---------
---------
Carrying amount
At 30 June 2023
60,980
57,688
118,668
---------
------
---------
---------
At 30 June 2022
79,105
1,186
65,014
145,305
---------
------
---------
---------
7. Debtors
2023
2022
£
£
Trade debtors
162,207
124,591
Other debtors
32,045
36,761
---------
---------
194,252
161,352
---------
---------
8. Creditors: Amounts falling due within one year
2023
2022
£
£
Trade creditors
77,929
52,684
Social security and other taxes
165,257
130,004
Other creditors
22,564
24,248
---------
---------
265,750
206,936
---------
---------
Included within other creditors is an amount of £7,049 (2022: £6,557) in respect of liabilities under hire purchase, which is secured against the relevant asset.
9. Creditors: Amounts falling due after more than one year
2023
2022
£
£
Other creditors
6,249
13,298
------
-------
Included within other creditors is an amount of £6,249 (2022: £13,298) in respect of liabilities under hire purchase, which is secured against the relevant asset.
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Later than 1 year and not later than 5 years
121,429
97,896
Later than 5 years
66,480
---------
-------
187,909
97,896
---------
-------
11. Director's advances, credits and guarantees
At the balance sheet date £28,544 (2022: £34,203) was owed to the company by the director. Interest has been charged at the official rate. The loan has been repaid since the year end.